MORRISVILLE, N.C., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Novan, Inc. (NASDAQ:NOVN) today announced the pricing of the Company's previously announced underwritten public offering of 18,333,334 shares of common stock (or pre-funded warrants to purchase common stock in lieu thereof) and warrants to purchase an aggregate of 18,333,334 shares of common stock, at a combined effective public offering price of $0.30 per share of common stock (or pre-funded warrant) and accompanying common warrant. The common warrants have an exercise price of $0.30 per share, are exercisable immediately and expire five years from the date of issuance.

H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.

The Company has granted the underwriter a 30-day option to purchase up to an additional 2,750,000 shares of common stock and/or common warrants to purchase up to 2,750,000 shares of common stock at the public offering price, less underwriting discounts and commissions.

About Novan

Novan, Inc. is a clinical development-stage biotechnology company focused on leveraging nitric oxide’s naturally occurring anti-microbial and immunomodulatory mechanisms of action to treat a range of diseases with significant unmet needs. We believe that our ability to deploy nitric oxide in a solid form, on demand and in localized formulations allows us the potential to improve patient outcomes in a variety of dermatology, women’s health and gastrointestinal diseases.